The Ajax Engineering IPO is one of the most awaited initial public offerings (IPOs) in 2025. Opening for subscription on February 10, 2025, and closing on February 12, 2025, this IPO aims to raise around ₹1,269.35 crore. Let us tell you that this IPO consists of a fresh issue with an offer for sale (OFS) of 2,01,80,446 equity shares, each with a face value of ₹1.
Let us tell you that with a price band of ₹599 to ₹629 per share, the IPO will be listed on both BSE and NSE exchanges on February 17, 2025. Let us tell you that the investor categories include retail (35%), qualified institutional buyers (QIBs – 50%), and high net-worth individuals (HNIs – 15%).
Ajax Engineering is a Bengaluru-based company specializing in concrete equipment manufacturing. It has shown strong financial performance, reporting revenues of ₹1,780.07 crores in FY2024, compared to ₹1,172.57 crores in FY2023. Given its continued growth, potential investors are keen to know if this IPO is a good long-term investment.
So let’s know now. In this article, we will cover all the key details about Ajax Engineering IPO, including its IPO date, price, allotment, financial details, and whether you should invest in it.
Ajax Engineering IPO Details
Ajax Engineering IPO will open on February 10, 2025, and close on February 12, 2025, with a price band of ₹599–629 per share. Below is a detailed table summarizing the key aspects of the Ajax Engineering IPO:
| IPO Details | Information |
|---|---|
| IPO Open Date | February 10, 2025 |
| IPO Close Date | February 12, 2025 |
| Listing Date | February 17, 2025 |
| Issue Size | ₹1,269.35 Crores |
| Price Band | ₹599 – ₹629 per share |
| Face Value | ₹1 per share |
| Issue Type | Book Built Issue |
| Retail Quota | 35% |
| QIB Quota | 50% |
| HNI Quota | 15% |
| Offer for Sale | 2,01,80,446 equity shares |
| Listing Exchange | BSE & NSE |
Example: For retail investors, the minimum lot size is 23 shares (₹14,467), with a maximum of 13 lots (299 shares, ₹1.88 Lakh).
Ajax Engineering IPO Market Lot Size
To apply for Ajax Engineering IPO, investors also need to follow the lot size and application limits as shown below:
| Category | Lot Size | Shares | Investment Amount |
|---|---|---|---|
| Retail (Minimum) | 1 | 23 | ₹14,467 |
| Retail (Maximum) | 13 | 299 | ₹1,88,071 |
| S-HNI (Small HNI Minimum) | 14 | 322 | ₹2,02,538 |
| B-HNI (Big HNI Minimum) | 70 | 1,610 | ₹10,12,690 |
Example: If a retail investor wants to apply for Ajax Engineering IPO, he has to apply for a minimum of 23 shares, which will be priced at ₹ 14,467. Investors cannot apply for shares worth less than this.
Ajax Engineering IPO Allotment & Listing Dates
| Event | Date |
|---|---|
| IPO Open Date | February 10, 2025 |
| IPO Close Date | February 12, 2025 |
| Basis of Allotment | February 13, 2025 |
| Refund Initiation | February 14, 2025 |
| Credit to Demat Account | February 14, 2025 |
| Listing Date | February 17, 2025 |
Talking about Ajax Engineering IPO allotment and listing dates, the IPO Open Date is February 10, 2025, and IPO Close Date is February 12, 2025. Apart from this, other dates can be seen in the list above. Here is a detailed table summarizing the key aspects of the IPO:
Ajax Engineering Company Overview
Ajax Engineering Company was established in 1992 as ‘Ajax Fiori Engineering (India) Private Limited’. It has become a leading concrete equipment manufacturer in India, selling over 27,800 units in India, Nepal, and Bhutan.
Let us tell you that Ajax Engineering Company is currently building a new manufacturing plant in Adinarayanhosahalli, which is expected to be completed in 2025. So let us now know about the financial details of the company.
Company Financials
| Year | Revenue (₹ Crores) | Expenses (₹ Crores) | Profit After Tax (₹ Crores) | Total Assets (₹ Crores) |
|---|---|---|---|---|
| 2022 | 771.85 | 681.43 | 66.38 | 735.31 |
| 2023 | 1,172.57 | 989.62 | 135.53 | 966.73 |
| 2024 | 1,780.07 | 1,478.16 | 225.28 | 1,236.14 |
The company’s revenue saw an impressive growth of 51.8%, rising from ₹1,172.57 crores in 2023 to ₹1,780.07 crores in 2024. During the same period, its profit surged by 66.2%, increasing from ₹135.53 crores to ₹225.28 crores. These strong financials indicate robust business expansion and profitability, making Ajax Engineering an attractive investment opportunity for investors seeking long-term growth.
Ajax Engineering IPO Valuation (FY 2024)
Ajax Engineering’s EPS is ₹19.68 (basic). Its comparison with its peers is as follows, which you can see through the table below:
| Metric | Value |
|---|---|
| Return on Equity (ROE) | 24.53% |
| Return on Capital Employed (ROCE) | 32.82% |
| EBITDA Margin | 15.82% |
| PAT Margin | 12.65% |
| Debt-to-Equity Ratio | 0.01 |
| Earnings Per Share (EPS) | ₹19.68 |
| Return on Net Worth (RoNW) | 19.39% |
| Net Asset Value (NAV) | ₹80.24 |
Takeaway: While Ajax’s EPS is lower than peers, its RoNW (19.39%) and debt-free status make it attractive for long-term bets.
Ajax Engineering Comparison with Competitors
| Company | EPS | PE Ratio | RoNW % | NAV (₹) | Revenue (₹ Cr.) |
|---|---|---|---|---|---|
| Action Construction Equipment Ltd. | 27.56 | 45.38 | 26.65% | 103.42 | 2,990.90 |
| BEML Ltd. | 67.66 | 58.07 | 10.56% | 640.55 | 4,096.56 |
| Escorts Kubota Ltd. | 96.80 | 39.49 | 11.44% | 780.83 | 9,248.21 |
Key Takeaway: If we talk about Ajax Engineering, the PE ratio is lower than its peers and RoNW is also strong, which indicates a potentially undervalued IPO.
Should You Invest in the Ajax Engineering IPO?
Pros:
✅ Strong Financial Growth – Revenue and profit have grown consistently.
✅ Industry Leader – Leading manufacturer of concrete equipment in India.
✅ Low Debt – Debt-to-equity ratio of just 0.01.
✅ Attractive ROE and RoNW – Indicates efficient management.
✅ Expansion Plans – A new manufacturing plant could drive future growth.
Cons:
❌ Valuation Risk – While the growth is strong, investors should evaluate if the price is justified.
❌ Market Volatility – market trends may impact IPO performance.
Investment Verdict:
✔ Long-term investors can consider applying for this IPO, given the company’s strong financials and growth potential.
✔ Short-term investors should evaluate the listing premium before making a decision.
Read this also: Upcoming 5 IPO to Watch Next Week: Details, Dates, and Expert Insights for Investors
Conclusion
Ajax Engineering IPO is a high-growth opportunity for investors, backed by its strong financials and market leadership. Along with this, this IPO of Ajax Engineering will be open from February 10-12, 2025, and will be listed on February 17, 2025. If we look at the expansion plan of the IPO, strong revenue growth, and low debt ratio, then the IPO is worth considering for long-term gains, read the information given in this article once again carefully.
Will you apply for Ajax Engineering IPO? Let us know your thoughts in the comments!
Disclaimer: This article is for informational purposes only. Please consult your financial advisor before investing.
